How the REITS increase prices (Explained)

Hey there you, 

Its been a busy old day in the world of Mr Self Storage .... AKA Kids holidays

... But im never too busy to produce my self storage newsletter .... 

Letss do Thiis ... 

Here's what coming your way today :-

• Industry News -

• How much we've invoiced so far this month

•  Yesterday's Figures ... How did we do?!

• Meme of the day -

• Self Storage Tip - How the REITS increase their prices

Industry News -

• 1 - ISS have written a really good article on how we can project our revenue in the slower market

https://www.insideselfstorage.com/revenue-management/protecting-your-self-storage-noi-industry-demand-and-rates-soften-back-normal

• 2 - 10 Federal have raised over $30 Million and have just acquired 3 more self storage facilities

https://wraltechwire.com/2023/04/12/raleigh-self-storage-operator-raises-32m-acquires-3-properties-adds-3-execs/

• 3 - U-Haul acquires site with over 600 units

https://finance.yahoo.com/news/u-haul-opens-former-lost-181100766.html

TRUE PERIOD REVENUE (Basically invoices sent so far this month)

Beverley -

Willerby -

Wrexham -

The fun bit - My business .... Bare Butt Naked! 

Willerby (Hull) My big site -

Yesterdays Results -

• 3 Res today

• 2 Move In's

• 0 Move outs

Month to Date -

• 285 Sq Ft up for the month

Reservations so far this week = 9

Move ins so far this week = 5

Clough Rd Figures .... The Automated Site

Yesterdays results -

• 2 Reservations

• 0 Move ins

• 3 Move out

Month to Date -

• MINUS 65 SQ FT Up for the month so far.

Reservations so far this week = 3

Move ins so far this week = 1

Beverley ... My baby ... My first site! -

Yesterdays results -

• 2 Reservation

• 0 Move in

• 0 Move Out

Month to Date -

• MINUS 275 Sq Ft Up for the month

Reservations so far this week = 2

Move ins so far this week = 0

Wrexham's Figures (Indoor) ... My First acquisition  

Reservations so far this week = 0

Move ins so far this week = 0

TOTALS -

Reservations so far this week = 14

Move ins so far this week = 6

Self Storage Meme of the day -

Self Storage Tip -

Revenue Management!

Ever wondered how the REITS increase their prices??

Heres the REITS revenue Management broken down ....

.... Their simple revenue management system 👇 👇 

- Jane becomes a customer 1st July 2022

- Jane gets a 10% increase 1st October 

- Jane then gets further 6% increase 1st July 2023

- Jane's been in self storage for 12 months and had 2 price increases

🤯 

On the 1st July 2022 Jane is paying £100

On the first of July 2023 Jane is paying £116.60

Thats a 16.6 Increase in 12 months 

The formula is simple ⤵ 

- 10% increase after 3 months 

- 6% every 9 months until the day you move out 

Self storage is a brilliant business module ... But is this approach too aggressive?? 

Whats your opinions? How do you increase your prices ... Hit that reply button

If im really honest .... Im actually more aggressive than this!!

Loads of self storage love, 

Dean :-)

Health and Fitness ... Move More = Live Longer   -

Weekly goals -

• Gym - 4 times 

• Run - 50 K 

Results so far  - 

• Gym - 3 Times

• Run - 34k

Yesterdays Steps - 35,418